Prior to the Introduction of Rice, the Early Colony of South

question 131

Multiple Choice

Prior to the introduction of rice, the early colony of South Carolina was partially centered on

• A) the cultivation of cotton.
• B) small-scale manufacturing of firearms for use in raids against Spanish Florida.
• C) the export of Indian slaves to the Caribbean.
• D) shipbuilding.
• E) copper mining.

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Definitions:

Current Account

Part of a country's balance of payments, it includes the trade balance, net income from abroad, and net current transfers.

Capital Account

A national account that records transactions involving the purchase and sale of assets, such as property rights and stocks, between residents and non-residents.

Personal Savings Rate

The percentage of personal disposable income that is saved by households rather than spent on consumption.

Current Account Deficit

A current account deficit occurs when a country's total imports of goods, services, and transfers are greater than its total exports, indicating it is spending more on foreign trade than it is earning.